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Temasek selling 700 million pounds of sterling bonds

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According to Reuters, “Singapore state investor Temasek Holdings is selling 700 million pounds ($1.1 billion) worth of bonds to diversify its funding sources as it makes its foray into the sterling-denominated debt market.

Temasek will issue 200 million pounds of 12-year debt at 97 to 100 basis points above gilts and 500 million pounds of 30 year at 92 to 95 basis points above gilts, according to a term sheet seen by Reuters.

“Neither size will change,” according to the term sheet that was distributed to potential investors.

The Temasek bonds, rated AAA by both Moody’s and Standard & Poor’s, will be priced before the end of London trading, said a source briefed on the issue.

Sources with knowledge of the deal said the Temasek fundraising was not linked to any investment in BP Plc or another British firm.””

Read more: Reuters

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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